XML 29 R15.htm IDEA: XBRL DOCUMENT

Note 6 - Leases

12 Months Ended

Dec. 31, 2023

6. LEASES

Lessee

The Company has operating leases primarily for administrative, sales and marketing offices, manufacturing operations and R&D facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than one year to seven years. Some of these leases include options to renew the lease term for up to five years or on a month-to-month basis. The Company does not have finance lease arrangements.

The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands):

		*December 31,*
	*Financial Statement Line Item*	*2023*		*2022*
Operating lease ROU assets	Other long-term assets	$	8,355	$	4,288

Operating lease liabilities	Other accrued liabilities	$	2,303	$	2,133
	Other long-term liabilities	$	5,565	$	1,664

The following tables summarize certain information related to the leases (in thousands, except percentages and years):

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Lease costs:
Operating lease costs	$	3,113	$	2,704	$	2,454
Other		2,120		1,769		740
Total lease costs	$	5,233	$	4,473	$	3,194

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,954	$	2,762	$	2,315
ROU assets obtained in exchange for new operating lease liabilities	$	7,081	$	1,175	$	5,195

	*December 31,*
	*2023*			*2022*
Weighted-average remaining lease term (in years)		4.7			2.1
Weighted-average discount rate		4.3	%		2.1	%

As of December 31, 2023, the maturities of the lease liabilities were as follows (in thousands):

2024	$	2,583
2025		1,909
2026		1,230
2027		1,238
Thereafter		1,653
Total remaining lease payments		8,613
Less: imputed interest		(745	)
Total lease liabilities	$	7,868

As of December 31, 2023, the operating lease that has not yet commenced is not material.

Lessor

The Company owns certain office buildings and leases a portion of these properties to third parties under arrangements that are classified as operating leases. These leases have remaining lease terms ranging from less than one year to three years. Some of these leases include options to renew the lease term for up to five years.

Income related to lease payments was $1.5 million, $2.4 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, future income related to lease payments was as follows (in thousands):

2024	$	760
2025		235
2026		41
Total	$	1,036